Premium collected through insurance brokers hits Shs540b

Uganda's gross written premium collected through the brokerage distribution channel has increased from Shs454 billion in 2022 to Shs542b, as of December 2023, the regulators of insurance industry have revealed.

Mr Ibrahim Kaddu Lubega, the Chief Executive Officer of Insurance Regulatory Authority (IRA) noted that the increment represents about a 34 percent growth.

Gross written premium collected through brokerage  channel is the total amount  of Money that insurance brokers collect from clients in exchange for insurance policies or services.

Speaking at the sixth annual conference for the Insurance Brokers Association Uganda (IBAU) held in Mbale on Friday, Mr Lubega however, said a lot need to be done by both individual brokers and the association for the business to prosper.

" Embrace technology, uphold ethical standards and prioritize customer- centered approaches to enhance transparency, accessibility and inclusivity within the insurance sector," Mr Lubega said.

" You must be reminded that the ever-changing business landscape, your adaptability and innovation, are essential for ensuring a sustainable and resilient industry as the theme for the day suggests," he further advised.

The conference which attracted over 200 participants from both Uganda and  the East African Community was  held under the theme" Adopting to the evolving business landscape." 

Mr Lubega also tasked IBAU as a critical players in the insurance industry, to redirect its education in providing relevant information that would promote and foster financial security and trust between insurers and clients.

He also encouraged players in the industry to hold the required qualifications to ensure quality service delivery and informed decision making.

According to him, the chief executive officer of an insurance company must have at least a diploma in insurance as one of the minimum qualifications.

It was revealed that IRA had opened up more offices in Kampala, Mbale and Gulu cities in a bid to take services closer to people and also enforce compliance.

Ms Rita Mutesi Kabayiza , the conference convener said holding a regional meeting  opens up opportunities for the players to penetrate regional markets.

Ms Mutesi advised all Ugandans to embrace insurance packages to prepare for uncertainties or the like.

 
Mr Paul Muhame, IBAU's chairperson said the association was committed to speaking the same language with the regulators, so as  to take insurance business to another level.